View Mode
Q: 11
Mr. Allen died early this year survived by his spouse Mrs. Allen. Among the items of family property are: 1 .A $200,000 life insurance policy on Mr. Allen’s life with Mrs. Allen designated as beneficiary. Mrs. Allen has been the owner of the policy ever since it was issued 4 years ago. 2. The family residence with a fair market value of $300,000. Mr. and Mrs. Allen own the residence jointly with the right of survivorship even though Mr. Allen purchased it with his separate funds. 3. A$20,000 bank account. Mr. and Mrs. Allen own the account jointly with the right of survivorship even though Mrs. Allen made all the deposits. What amount of the family property will be included in Mr. Allen’s gross estate for federal estate tax purposes?
Options
Q: 12
All the following statements concerning a typical pour-over trust are correct EXCEPT:
Options
Q: 13
Which of the following statements concerning the inclusion in a decedent-employee’s gross estate of a lump-sum distribution from a qualified retirement plan to a beneficiary other than the employee’s estate is (are) correct? l. Lump-sum distributions of payments attributable to the employer’s contributions are excluded from the gross estate. ll. Lump-sum distributions of payments attributable to the decedent-employee’s contributions are excluded from the gross estate.
Options
Q: 14
All the following are proper actions on the part of a trustee EXCEPT:
Options
Q: 15
Which of the following statements concerning revocable trusts is correct?
Options
Q: 16
Which of the following transactions is a taxable gift for federal gift tax purposes?
Options
Q: 17
All the following statements concerning a power of appointment are correct EXCEPT:
Options
Q: 18
All the following are conditions that must be met if an otherwise nonqualified terminable interest is to qualify (as QTIP) for the federal estate tax marital deduction EXCEPT:
Options
Q: 19
Which of the following statements concerning property is (are) correct? l. A mortgage on real estate is real property. ll. A tree growing on land is real property.
Options
Q: 20
Which or the following members or the estate planning team is responsible for assuring that the client’s intentions are expressed in documents that will carry out the final plan?
Options
Question 11 of 20 · Page 2 / 2

Premium Access Includes

  • ✓ Quiz Simulator
  • ✓ Exam Mode
  • ✓ Progress Tracking
  • ✓ Question Saving
  • ✓ Flash Cards
  • ✓ Drag & Drops
  • ✓ 3 Months Access
  • ✓ PDF Downloads
Get Premium Access
Scroll to Top

FLASH OFFER

Days
Hours
Minutes
Seconds

avail 10% DISCOUNT on YOUR PURCHASE

  • USE THE CODE GIVEN BELOW ON YOUR CHECKOUT
DISCOUNT10